Concord Corporation's trademark was licensed to Ivanhoe Company for royalties of 15% of sales of the trademarked items. Royalties are payable semiannually on March 15 for sales in July through December of the prior year, and on September 15 for sales in January through June of the same year. Concord received the following royalties from Ivanhoe: March 15 September 15 2019 $9800 $14700 2020 12300 18400 Ivanhoe estimated that sales of the trademarked items would total $74000 for July through December 2020. In Concord's 2020 income statement, the royalty revenue should be